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ECONOMYNEXT –Sri Lanka's Hayleys Fabric returned to profit in the June 2018 quarter with net earnings of 16 million rupees compared with a loss of 25 million rupees a year earlier, accounts filed with the stock exchange showed, on improving margins and growing order book out of Europe thanks to GSP Plus.

The fabric maker, a unit of Hayleys PLC, reported earnings per share of eight cents in the quarter compared with a loss of 12 cents a year ago.

Sales grew 17 percent in the quarter to 2.4 billion rupees from a year ago, while cost of sales grew at 15 percent to 2 billion rupees, leading to a gross profit of 229.8 million rupees, up 40 percent from a year ago.